Bangalore, India: India's third largest IT bellwether Wipro Tuesday announced a partnership with the US-based Axiom Software Laboratories to provide a regulatory reporting solution to global financial institutions.

"With Axiom's expertise in regulatory reporting and risk management solutions, we will jointly address challenges faced by the financial services industry, comprising institutions, banks and insurance players," the global software major said in a statement here.

"We are currently assisting two global banks in deploying the Axiom solution to meet the regulatory requirement," Wipro vice-president for risk and compliance and financial solutions, Santhosh Nair, said in the statement.

Noting that risk and compliances services were one of the fastest growing segments for the company's banking, financial services and insurance (BFSI) business, Nair said its specialised team had delivered about 100 risk & compliance engagements spanning consulting, IT and business process outsourcing (BPO) services.

As a regulatory reporting and risk management solutions provider, Axiom will empower enterprises to have control over their regulatory process workflow with Wipro's consulting and technology capabilities.

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